Patriot Bank of Georgia, Cumming, Georgia

Patriot Bank of Georgia, Cumming, Georgia, is the 69th FDIC-insured institution <a href="http://www.northfacestores-discount.com/north-face-jackets-men-black-p-5906.html"><strong>cheapest north face jackets</strong></a> to fail in the nation in 2011. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be 44.4 million. Georgia Commerce Bank, Atlanta, Georgia, acquired the banking operations, including all the deposits, of Patriot Bank of Georgia, Cumming, Georgia, and CreekSide Bank, Woodstock, Georgia. The two banks were closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Georgia Commerce Bank. Patriot Bank of Georgia had one branch, and CreekSide Bank had two branches. Due to the Labor Day holiday, the three branches of the two failed banks will reopen as branches of Georgia Commerce Bank on Tuesday, September 6. Depositors of the two failed banks will automatically become depositors of Georgia Commerce Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of the two failed banks should continue to use their existing branches until they receive notice from Georgia Commerce Bank that it has completed systems changes to allow other branches of Georgia Commerce Bank to process their accounts as well. This evening and over the weekend, depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of June 30, <a href="http://www.uggssalediscount.com/stripe-cable-knit-c-247.html"><strong>ugg mens slippers</strong></a> 2011, Patriot Bank of Georgia had approximately 150.8 million in total assets and 111.2 million in total deposits; and CreekSide Bank had total assets of 102.3 million and total deposits of 96.6 million. In addition to assuming all of the deposits of the two Georgia banks, Georgia Commerce Bank agreed to purchase essentially all of their assets. The FDIC and Georgia Commerce Bank entered into loss-share transactions on the failed banks’ assets. The loss-share transaction for Patriot Bank of Georgia covers 136.2 million of its assets, and the loss-share transaction for CreekSide Bank covers 69.2 million of its assets. Georgia Commerce Bank will share in the losses on the asset pools covered under the loss-share agreements. The loss-share transactions are projected to maximize returns on <a href="http://www.northfacestores-discount.com/men-north-face-down-vest-c-2.html"><strong>north face outlets</strong></a> the assets covered by keeping them in the private sector. The transactions also are expected to minimize disruptions for loan customers. For more information on loss share, please visit:Â*http://www.fdic.gov/bank/individual/...are/index.html. Customers with questions about today’s transaction should call the FDIC toll-free: for Patriot Bank of Georgia customers,Â*Â*Â*Â*Â*Â*Â*Â*Â*Â*Â*Â*Â*1-800-323-6111Â*Â*Â*Â*Â*Â*, and for CreekSide Bank customers,Â*Â*Â*Â*Â*Â*Â*Â*Â*Â*Â*Â*1-800-238-8209Â*Â*Â*Â*Â*Â*. The phone numbers will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and, beginning Tuesday and thereafter from 8:00 a.m. to 8:00 p.m., EDT. If you should have any further questions please do not hesitate to visit the FDIC web page for Patriot Bank of Georgia.